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Convertible note payable (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Outstanding Balance of Convertible Notes

The below table presents the outstanding balance of the Notes as of December 31, 2023:

									December 31, 2023
Principal Balance									$	80,000,000
Unamortized Discount									(11,961,220)
Carrying Value									$	68,038,780

Assumptions used in Valuation Models to Determine the Estimated Fair of Convertible Notes

The following assumptions were used in the Binomial and Monte Carlo valuation models to determine the estimated fair value of the Notes at the issue date, March 30, 2023 and as of December 31, 2023.

			December 31, 2023						March 30, 2023
Risk Free Interest Rate			3.97		%				3.80		%
Expected Volatility			40		%				40		%
Expected Dividend Yield			—		%				—		%

The Private Placement Warrants were valued using the following assumptions under the Monte Carlo method:

Inputs			December 31, 2024						December 31, 2023
Current stock price			$	4.23					$	8.43
Exercise price			$	11.50					$	11.50
Expected life (in years)			3.25						4.25
Risk-free interest rate			4.30		%				4.00		%
Expected volatility			52		%				40		%
Expected dividend yield			—		%				—		%

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Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.

+ References

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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